SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
-----------------
FORM 10-Q/A
(Amendment No. Two)
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended March 31, 1999 Commission File Number 0-24120
WESTERN OHIO FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 31-1403116
----------------------------- ------------------------
(State of jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
28 EAST MAIN STREET, SPRINGFIELD, OHIO 45501-0719
- -------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
(937) 325-4683
--------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES [X] NO [ ]
As of May 6, 1999 there were 1,988,507 shares of the Registrant's common stock
issued and outstanding.
WESTERN OHIO FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
March 31, December 31,
(Dollars in thousands) 1999 1998
- ----------------------------------------------------------------------------------
ASSETS
Cash and cash equivalents $ 10,105 $ 13,854
Securities available for sale, at fair value 9,575 15,402
Mortgage-backed securities available
for sale, at fair value 47,888 50,044
Federal Home Loan Bank stock, at cost 7,068 6,948
Loans receivable, net 235,373 234,812
Premises and equipment, net 3,173 3,241
Real estate owned 56 56
Other assets 4,463 3,371
- ----------------------------------------------------------------------------------
Total Assets $ 317,701 $ 327,728
==================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $ 198,401 192,966
Advances from the Federal Home
Loan Bank of Cincinnati 71,014 85,252
Other liabilities 2,163 1,916
- ----------------------------------------------------------------------------------
Total Liabilities 271,578 280,134
==================================================================================
Stockholders' equity
Common stock 26 26
Additional paid-in-capital 40,392 40,452
Accumulated Other Comprehensive Income (507) (120)
Unearned ESOP (1,250) (1,309)
Unearned MRP-Deferred (1,043) (1,092)
Treasury Stock; 527,936 and 476,317 shares
at cost respectively (11,790) (10,714)
Retained earnings(substantially restricted) 20,295 20,351
- ----------------------------------------------------------------------------------
Total Shareholders' equity 46,123 47,594
- ----------------------------------------------------------------------------------
Total Liabilities And Shareholders' Equity $ 317,701 $ 327,728
==================================================================================
See Notes to Consolidated Financial Statements.
WESTERN OHIO FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Quarter Ended
March 31,
(Dollars in thousands) 1999 1998
- -----------------------------------------------------------------------------------------------------
Cash flows from operating activities $ 1,398 $ 868
- -----------------------------------------------------------------------------------------------------
Cash flows from investing activities:
Loans:
Originations (14,497) (8,002)
Purchases (21,101) -
Collections 32,541 21,289
Sales 1,344
Mortgage-backed securities:
Collections 1,859 1,293
Investment securities:
Maturities 5,500 1,000
Sales 151
Property and equipment:
Additions (16) (56)
Sale proceeds 6
- -----------------------------------------------------------------------------------------------------
Net cash provided by investing activities 5,636 15,675 -
- -----------------------------------------------------------------------------------------------------
Cash flows from financing activities:
Net increase (decrease) in deposits 5,435 9,286
Net decrease in advances from borrowers for taxes and insurance (314) (486)
Treasury stock repurchase (1,200) (836)
Dividends paid (529) (603)
Stock options, net 63 (27)
Advances from Federal Home Loan Bank:
Net borrowings 7,100
Repayments (21,338) (14,512)
- -----------------------------------------------------------------------------------------------------
Net cash provided (used) by financing activities (10,783) (7,178)
- -----------------------------------------------------------------------------------------------------
Net Increase (decrease) in cash and cash equivalents
(3,749) 9,365
Cash and cash equivalents:
Beginning 13,854 31,239
- -----------------------------------------------------------------------------------------------------
Ending 10,105 40,604
=====================================================================================================
See Notes to Consolidated Financial Statements.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WESTERN OHIO FINANCIAL CORPORATION
REGISTRANT
Date: June 2, 1999 /s/ John W. Raisbeck
-------------------- ----------------------------------------
John W. Raisbeck, President
and Chief Executive Officer
(DULY AUTHORIZED OFFICER)
Date: June 2, 1999 /s/ Craig F. Fortin
-------------------- ---------------------------------------
Craig F. Fortin, Senior Vice President,
Treasurer and Chief Financial Officer
(PRINCIPAL FINANCIAL AND ACCOUNTING
OFFICER)